Prompt Corrective Action Clause Samples

Prompt Corrective Action. Under certain net worth classifications (see 12 CFR 702.204(b)(11), 702.304(b) and 702.305(b), as the case may be), the NCUA Board may prohibit [name of Credit Union] from paying principal, dividends or interest on its uninsured secondary capital accounts established after August 7, 2000, except that unpaid dividends or interest will continue to accrue under the terms of the account to the extent permitted by law. ACKNOWLEDGED AND AGREED TO this day of , 2010 by: Name: Title: United States Department of the Treasury ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇.▇. ▇▇▇▇▇ Attention: Chief Counsel, Office of Financial Stability Name: Title: [CREDIT UNION] In connection with that certain letter agreement, dated [ ], 2010 (the “Agreement”) by and between [CREDIT UNION] (the “Credit Union”) and the United States Department of the Treasury (“Investor”) which incorporates that certain Securities Purchase Agreement – Standard Terms referred to therein (the “Standard Terms”), the undersigned does hereby certify as follows: 1. I am a duly elected/appointed [ ] of the Credit Union.
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Prompt Corrective Action. When, as a result of an examination, a need for corrective action is apparent and the corrective action is within the scope of Contractor’s responsibility, the Contractor shall proceed immediately to make such replacements, repairs, and/or corrections. If the Contractor reasonably believes the corrective action is not within the scope of the Contractor’s responsibility, and no safety or potential safety problem exists, the Contractor shall deliver a written report to County within seven (7) days of the examination. If a safety or potential safety problem exists, the Contractor shall immediately take corrective action at the least possible expense to the County, regardless of scope of responsibility, and make a prompt written report to the County.
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Prompt Corrective Action. When, as a result of an examination, a need for corrective action is apparent and the corrective action is within the scope of Contractor’s responsibility, Contractor shall proceed immediately to make such replacements, repairs, and/or corrections. If Contractor reasonably believes the corrective action is not within the scope of Contractor’s responsibility, and no safety or potential safety problem exists, Contractor shall deliver a written report to Purchaser within seven days of the examination. If a safety or potential safety problem exists, Contractor shall immediately take corrective action at the least possible expense to Purchaser, regardless of scope of responsibility, and make a prompt written report to Purchaser.
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Prompt Corrective Action. As an insured depository institution, Heritage Southeast Bank is required to comply with the capital requirements promulgated under the Federal Deposit Insurance Act and the regulations under it, which set forth five capital categories, each with specific regulatory consequences. The following is a list of the criteria for each prompt corrective action category: • Well Capitalized - The institution exceeds the required minimum level for each relevant capital measure. A well- capitalized institution: o has a total risk-based capital ratio of 10% or greater; o has a Tier 1 risk-based capital ratio of 8% or greater; o has a common equity Tier 1 risk-based capital ratio of 6.5% of greater; o has a leverage capital ratio of 5% or greater; and o is not subject to any order or written directive to meet and maintain a specific capital level for any capital measure. • Adequately Capitalized - The institution meets the required minimum level for each relevant capital measure. The institution may not make a capital distribution if it would result in the institution becoming undercapitalized. An adequately capitalized institution: o has a total risk-based capital ratio of 8% or greater; o has a Tier 1 risk-based capital ratio of 6% or greater; o has a common equity Tier 1 risk-based capital ratio of 4.5% or greater; and o has a leverage capital ratio of 4% or greater. • Undercapitalized - The institution fails to meet the required minimum level for any relevant capital measure. An undercapitalized institution: o has a total risk-based capital ratio of less than 8%; o has a Tier 1 risk-based capital ratio of less than 6%; o has a common equity Tier 1 risk-based capital ratio of less than 4.5% or greater; or o has a leverage capital ratio of less than 4% • Significantly Undercapitalized - The institution is significantly below the required minimum level for any relevant capital measure. A significantly undercapitalized institution: o has a total risk-based capital ratio of less than 6%; o has a Tier 1 risk-based capital ratio of less than 4%; o has a common equity Tier 1 risk-based capital ratio of less than 3%; or o has a leverage capital ratio of less than 3%. • Critically Undercapitalized - The institution fails to meet a critical capital level set by the appropriate federal banking agency. A critically undercapitalized institution has a ratio of tangible equity to total assets that is equal to or less than 2%. If the FDIC determines, after notice and an opportunity ...
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Prompt Corrective Action. When, as a result of an examination, a need for corrective action is apparent and the corrective action is within the scope of Contractor’s responsibility, Contractor shall proceed immediately to make such replacements, repairs, and/or corrections. If Contractor reasonably believes the corrective action is not within the scope of Contractor’s responsibility, and no safety or potential safety problem exists, Contractor shall deliver a written report to Purchaser within seven (7) calendar days of the examination. If a safety or potential safety problem exists, Contractor shall immediately take corrective action at the least possible expense to Purchaser, regardless of scope of responsibility, and make a prompt written report to Purchaser. APPENDIX E - CODE-MANDATED TESTS A. Contractor shall schedule, coordinate, and complete statutory Category 1, 3, and 5 tests and other equipment tests in accordance with the more stringent of the requirements of ASME A17.1 of the AHJ including but not limited to: 1. Annual no load slow speed test of car and counterweight safeties, governors, and buffers. 2. Five-year, full load, full speed test of car and counterweight safeties, governors, and buffers. 3. Monthly firefighters’ service operational tests. 4. Annual standby power operation tests on elevators. B. Contractor shall schedule, coordinate, and complete all statutory tests. Contractor shall schedule said tests in the presence of local enforcing authority and/or persons designated by Purchaser. Scheduling difficulties shall not exempt Contractor from performing tests in compliance with applicable Code or regulatory requirements.
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Prompt Corrective Action. 1. The authority citation for part 702 continues to read as follows: 2. Amend § 702.101 by revising paragraph (c) to read as follows: * * * * *
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Related to Prompt Corrective Action

  • Corrective Action Despite its right to terminate this Agreement pursuant to this Article, the LHIN may choose not to terminate this Agreement and may take whatever corrective action it considers necessary and appropriate, including suspending Funding for such period as the LHIN determines, to ensure the successful completion of the Services in accordance with the terms of this Agreement.

  • Corrective Actions The Government will use its best efforts to ensure that each Covered Provider (i) takes, where necessary, appropriate and timely corrective actions in response to audits, (ii) considers whether the results of the Covered Provider’s audit necessitates adjustment of the Government’s records, and (iii) permits independent auditors to have access to its records and financial statements as necessary.

  • Mitigation and Corrective Action Business Associate shall mitigate, to the extent practicable, any harmful effect that is known to it of an impermissible use or disclosure of PHI, even if the impermissible use or disclosure does not constitute a Breach. Business Associate shall draft and carry out a plan of corrective action to address any incident of impermissible use or disclosure of PHI. If requested by Covered Entity, Business Associate shall make its mitigation and corrective action plans available to Covered Entity. Business Associate shall require a Subcontractor to agree to these same terms and conditions.

  • Corrective Action Plan Within fifteen (15) Business Days following the establishment of the Joint Remediation Committee, the Purchasers, in consultation with the Sellers, shall prepare and submit to the Joint Remediation Committee an initial draft of the Corrective Action Plan. The parties shall work in good faith through the Joint Remediation Committee to finalize the Corrective Action Plan within fifteen (15) Business Days of the Purchasers’ submission of the initial draft of the Correct Action Plan. At the end of such period, if the Sellers reasonably determine that the Corrective Action Plan proposed by the Purchasers (as may be modified over the course of such period) would not reasonably be expected to satisfactorily address the Major Default, then the Sellers may escalate the issue to the Head of Commercial Capital (or equivalent leader of any successor business unit) of the Seller Group and the Chief Executive Officer of the Bank Assets Purchaser (the “Senior Executives”) and the Senior Executives shall work collaboratively (including with the Joint Remediation Committee) to develop a mutually agreeable Corrective Action Plan within fifteen (15) Business Days.